If there is a debt for equity swap by the banks as has been...

If there is a debt for equity swap by the banks as has been suggested, you can bet your bottom dollar that the bondholders will have to accept a similar swap.

There is no way the banks are going to take equity, only to have bondholders come along later and g00se them on the equity with a massive dilution of bonds later. These things will need to be tied up all at the same time.

The pain will need to be shared around. Would not want to be an ordinary shareholder in that situation and this is why the price is 25 cents when the last reported NTA is(supposedly) $5 or $6 or whatever. Massive dilution is looking inevitable.